April 6, 2009
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities
1-1, Nihonbashi-Muromachi 2-chome, Chuo-ku, Tokyo 103-0022
Nippon Accommodations Fund Inc.
Representative Executive Director Nobuyuki Nakai(Code number 3226)
Investment Trust Management Company
Mitsui Fudosan Accommodations Fund Management Co., Ltd.
Representative President and CEO Nobuyuki Nakai
Contact CFO and Director Morio Shibata(TEL 03-3246-3677)

Notification Concerning the Change of Director at the Asset Management Company
This is a notification that at the Board of Directors’ meeting on March 19, 2009, Mitsui Fudosan
Accommodations Fund Management (“the Asset Management Company”), an Asset Management Company,
which has been commissioned by Nippon Accommodations Fund Inc., ("NAF") to manage its assets, decided
that the change of Directors representing the Asset Management Company will be put up for discussion at theextraordinary general meeting of Unitholders planned for March 31 2009.

1.

New Director (effective April 1, 2009)
Director (full-time)

Shin Kiwaki

Director (part-time) Masato Shikata※Please refer to the exhibit for the archival record.

2.

Exiting Director (effective March 31,2009)
Director (full-time) Yoshihisa OtakeDirector (part-time) Hiroshi Matsumoto

In addition, this matter will be respectively reported to the Chief of Financial Services Agency in accordance withthe Financial Instrument Transaction Law, and the Minister of Land, Infrastructure and Transportation inaccordance with authorization by business representative and also to the Governor of Tokyo in accordance with
the Real Estate Business Law.

* This English language notice is a translation of the Japanese language notice dated March 19, 2009 and wasprepared solely for the convenience of, and reference by, overseas investors.
NAF makes no warranties as to its accuracy or completeness.

(Exhibit)

Title

Name

Director

Shin(full-time)

Kiwaki

Director

Masato(part-time)

Shikata

Career SummaryApril, 1985

Joined Mitsui Fudosan Co., Ltd.;
Commercial Properties Department Hotel Section

October, 1989

Oosaka Branch Building Section of the same;

October ,1995

Project Development Department Gotanda Office of thesame;

April, 2000

Kansai Head Office Real Estate Service Departmentof the same;

April, 2002

Kansai Head Office Real Estate Service Departmentof the same;

April, 2006

Kansai Head Office Project Planning Department of thesame;

April, 1983

Joined Mitsui Fudosan Co., Ltd.;
Oosaka Branch

October, 1987

Office Building Leasing and Marketing Departmentof the same;

October, 1990

Chiba Branch of the same;

April, 1992

Transferred to Mitsui Fudosan (UK)

November, 1993

Transferred to Mitsui Fudosan (France)

April, 1997

International Department,Mitsui Fudosan Co., Ltd.;

April, 1999

Administration Section, Commercial Facilities
Department of the same;

April, 2003

Business Development Group, Business
Development Office, Commercial Facilities Departmentof the same;

April, 2004

System Planning Group, Information System
Department of the same (current position);

April, 2009

Business Group of Related Business Department ofthe same (planned);

April, 2009

Director of Nippon Building Fund Management
Co.,Ltd. (planned);